Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective, under normal circumstances, by investing at least 80% of its net assets in U.S.-dollar denominated investment-grade fixed- and floating-rate bonds, and debt securities with ultra-short maturities and an overall effective duration of less than one year. Effective duration is a measure of the Funds price sensitivity to changes in yields or interest rates and a fund with a higher effective duration will, under normal circumstances, have a greater sensitivity to interest rates. For example, if a portfolio has a duration of one year, and interest rates increase (or, conversely, decrease) by 2%, the portfolio would decline (or increase, respectively) in value by approximately 2%. However, … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective, under normal circumstances, by investing at least 80% of its net assets in U.S.-dollar denominated investment-grade fixed- and floating-rate bonds, and debt securities with ultra-short maturities and an overall effective duration of less than one year. Effective duration is a measure of the Funds price sensitivity to changes in yields or interest rates and a fund with a higher effective duration will, under normal circumstances, have a greater sensitivity to interest rates. For example, if a portfolio has a duration of one year, and interest rates increase (or, conversely, decrease) by 2%, the portfolio would decline (or increase, respectively) in value by approximately 2%. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, therefore, the Funds exposure to changes in interest rates. The Funds investments may include instruments issued by both U.S. and non-U.S. government and private sector issuers, including asset-backed securities (ABS). Instruments issued by the U.S. government include U.S. Treasury and U.S. agency securities, which may include mortgage-backed securities (MBS) issued or guaranteed by the U.S. government, federal agencies, or U.S. government sponsored instrumentalities. The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis, including the use of the To Be Announced (TBA) market for MBS investments. The Fund may also invest in private placements and Rule 144A securities, which are subject to resale restrictions, as well as ETFs that primarily invest in debt instruments. The Fund is not a money market fund and does not seek to maintain a stable NAV of $1.00 per Share. As part of the Funds principal investment strategy or for temporary defensive purposes, the Fund may invest, without limitation, in short-term instruments such as commercial paper and/or repurchase agreements collateralized by U.S. government securities, corporate obligations, municipal debt securities, MBS, cash or cash equivalents. The Funds investment sub-adviser, National Investment Services of America, LLC, doing business as National Investment Services (NIS or the Sub-Adviser), has broad discretion to determine the most favorable strategies and investment opportunities for the Fund, as well as the instruments and investment techniques used by the Fund to achieve its investment objective. The Sub-Adviser determines which instruments to purchase, hold, or sell based on a variety of factors, including expectations regarding an instrument or group of instruments risk and correlation, as well as market conditions and economic metrics, such as interest rates and inflation. The Sub-Adviser seeks to buy instruments that it believes will best help the Fund achieve its objective and seeks to sell instruments whose outlook has changed or to redeploy assets in more attractive investment opportunities. If a credit rating agency changes the rating of a portfolio security held by the Fund, the Fund may retain the security if the Sub-Adviser deems it is in the best interest of shareholders. The Fund is actively-managed and does not seek to replicate the performance of a specified index. The Fund may actively and frequently trade all or a significant portion of its portfolio. Show less